Credit Suisse recorded losses of 302 million in the first quarter – Magazine Saturday

Credit Suisse recorded losses of 302 million in the first quarter

The Swiss bank went from profits to losses in the first quarter, a period marked by cuts in investment banking. The bank will keep the cost reduction strategy. Shares rise 5%.

08:35 • Business

Vera Bouquet – Business Journal

Credit Suisse reported a net loss of 302 million Swiss francs (273.23 million euros) in the first three months of the year, this Tuesday. The figure is slightly lower than the average estimated by analysts surveyed by Bloomberg, which anticipated a loss of 344 million Swiss francs. The shares are to value after the announcement of results and presentation of cost reduction continued strategy.
Losses of the second largest Swiss bank compared with a profit of 1.05 billion francs in the same period, but already follow a fourth quarter 2015 negative. The first quarter of the bank was marked by layoffs and cuts in investment unit to invest in the wealth management industry in the Asia Pacific region, notes Bloomberg.
“In the first quarter of 2016, particularly in January and February We operate in the most difficult market conditions ever, with volumes and activity of customers to drop dramatically, “indicates Credit Suisse said in a statement, quoted by Bloomberg. The focus of the bank will remain on cost reduction target. objective of half this year has been achieved, indicated in a statement.
shares of Credit Suisse follow up 5.51% to 14.23 Swiss francs, interrupting a series of six sessions in fall. They have gone up to 5.96% to 14.23 francs, after the release of results. Still, recorded a loss of 34.58% since the beginning of the year.

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